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SBD Global/June 7, 2013/Franchises

Laxey Partners' Kingsworth To Buy Former Rangers CEO Charles Green's Shares In Club

Laxey Partners Partner & Chair Colin Kingsworth "has been identified as the man who will buy" former Scottish Third Division Rangers CEO Charles Green's shares in the club, according to the SCOTSMAN. Kingsworth specializes in buying into undervalued companies and "making changes to their operations to increase shareholder dividends." Laxey "will take control" of Green's 1% stake in the Ibrox club. Kingsworth's other investments include the publishers of the cult adult comic Viz, "as well as property company British Land and investment company Alliance Trust" (SCOTSMAN, 6/6). The HERALD SCOTLAND reported the Rangers have put plans for an extraordinary general meeting of its shareholders "on hold." The club announced last month that it was to hold the EGM following reports that major shareholders were preparing to oust then-Chair Malcolm Murray and fellow Dir Philip Cartmell, "and replace them on the board with James Easdale and Chris Morgan." But since then, Murray "has resigned and handed his boardroom role" to former Manager Walter Smith. The club issued a statement to the London Stock Exchange Thursday, "confirming that plans for a shareholder meeting had been delayed." Easdale recently confirmed that he and his brother and business partner Sandy "hoped to secure a boardroom slot as they continue to increase their shareholding" (HERALD SCOTLAND, 6/6).

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